Equinix’s Nuclear Gambit: How SMRs Are Powering the 2025 AI Data Center Boom

Industry Adoption: How Equinix Shifted From a Singular Nuclear Bet to a Diversified SMR Portfolio

Between 2021 and 2024, Equinix initiated a pioneering but singular move into nuclear energy, becoming the first major colocation data center provider to address the escalating power demands of AI. This initial phase was defined by its landmark April 2024 non-binding letter of intent with Small Modular Reactor (SMR) developer Oklo. Backed by a tangible $25 million prepayment, the agreement to explore procuring up to 500 MW of power was a bold, concentrated bet on a single emerging technology. This action signaled a strategic recognition that intermittent renewables alone could not support its 2030 climate neutrality goals amid exponential data center growth. The strategy was then cautiously expanded with a collaboration agreement with ULC-Energy in September 2024 to explore Rolls-Royce SMRs in the Netherlands, indicating an early awareness of the need for geographic and technological diversity.

The period from 2025 to today marks a dramatic inflection point, where Equinix’s strategy evolved from a pioneering bet to a full-scale, diversified portfolio approach. In a major announcement in August 2025, the company revealed a broad collaboration with multiple next-generation nuclear providers, increasing its total target capacity to over 1 GW. This strategic pivot was quickly substantiated with a series of specific agreements: a 500 MW power agreement with Oklo, a preorder for 20 microreactors from Radiant, a 250 MW capacity reservation with French developer Stellaria, and a formal Letter of Intent for up to 250 MWe with ULC-Energy in the Netherlands. This shift from a single partnership to a multi-technology portfolio (including fast reactors, microreactors, and pressurized water reactors) serves as a critical hedge against technological, regulatory, and timeline risks inherent in the nascent SMR market. This maturation reveals a clear objective: to build a resilient, scalable, and global clean energy supply chain, establishing power availability as a primary competitive differentiator in the AI era.

Table: Equinix’s Strategic Investments in Data Center Expansion and Energy Security

Table: Equinix’s Expanding Portfolio of SMR and Advanced Nuclear Partnerships

Geography: Mapping Equinix’s Global SMR Ambitions

Between 2021 and 2024, Equinix’s geographic focus for SMR deployment was concentrated and strategic, targeting two critical data center hubs. The primary target was the United States, formalized through the groundbreaking 500 MW letter of intent with Oklo. Simultaneously, the company initiated its European strategy by collaborating with ULC-Energy to explore deploying Rolls-Royce SMRs in the Netherlands. This dual-region approach demonstrated an early, calculated effort to align its future energy supply with its most established and power-constrained markets, establishing a blueprint for securing clean baseload power where grid limitations pose a significant threat to growth.

From 2025 onwards, Equinix’s geographic strategy both deepened and broadened significantly. The commitments in the U.S. and the Netherlands were solidified through more definitive agreements. The addition of a 250 MW capacity reservation with French developer Stellaria expanded its European footprint and diversified its regional partners. More revealing, however, are the massive capital investment announcements for digital infrastructure in new regions: £3.9 billion for the UK, US$1 billion for Saudi Arabia, US$69 million for an AI-ready facility in Chennai, India, and a US$22 million project in Lagos, Nigeria. While these investments are not directly for SMRs, they create a clear map of future high-demand zones. This pattern signals a shift from targeted deployments in core markets to establishing a global framework where the SMR partnership model can be replicated to power growth in emerging economies and energy-hungry regions worldwide.

Technology Maturity: Equinix’s Journey From SMR Concept to Commercial Blueprint

In the 2021–2024 period, Equinix’s engagement with SMR technology was at a pre-commercial, exploratory stage. The strategy was centered on securing future options with nascent technologies. The flagship Oklo agreement was a non-binding letter of intent for power from its 15 MWe Aurora fast-neutron reactor, a design whose first commercial deployment was targeted for 2027. Similarly, the exploration of Rolls-Royce’s 470 MWe SMR through ULC-Energy represented a bet on a more conventional but still-in-development pressurized water reactor. The key action was the $25 million prepayment to Oklo—a financial signal to de-risk development and secure a place at the front of the line, even as the underlying technologies remained years from proven commercial operation.

Beginning in 2025, Equinix’s approach to technology matured from speculative bets to building a sophisticated, multi-layered portfolio. The technology mix now demonstrates a clear hedging strategy. Large-scale baseload power is addressed through agreements for SMRs from Oklo (500 MW), ULC-Energy/Rolls-Royce (250 MWe), and Stellaria (250 MW). A new layer was added with the preorder of 20 portable 1 MWe microreactors from Radiant, targeting a different application: resilient, on-site power for individual or edge data centers. The most critical sign of maturation is the Oklo-Siemens partnership, which focuses on the power conversion system. This moves the technical validation beyond the reactor itself to the practical integration required to deliver grid-quality electricity. This shift shows Equinix is no longer just picking potential technology winners but is actively fostering an ecosystem of solutions designed to meet diverse power needs across its global portfolio, with deployment timelines stretching into the 2030s.

Table: SWOT Analysis of Equinix’s Evolving SMR Strategy

Forward-Looking Insights: From Agreements to Kilowatts in 2026

Equinix’s flurry of activity in 2025 has moved its nuclear strategy from a question of “if” to a clear plan of “how” and “which.” The company is no longer just exploring SMRs; it is actively building a diversified, global supply chain for advanced nuclear power. The most recent data signals that the year ahead will be a critical transition period from paper agreements to tangible project development. Market actors should pay close attention to several key signals. First are the Final Investment Decisions (FIDs) for the initial projects with partners like Oklo and ULC-Energy, which will turn billion-dollar ambitions into funded construction realities. Second is regulatory progress, particularly how designs from Rolls-Royce SMR and others fare with the U.S. Nuclear Regulatory Commission (NRC), as this will dictate real-world deployment timelines.

The diversified technology approach is clearly gaining traction, with the inclusion of Radiant’s microreactors indicating a nuanced strategy for both massive campuses and distributed edge locations. Conversely, the continued use of traditional solar PPAs, like the TEPCO deal in Singapore, is now framed as a bridging solution rather than the long-term answer for baseload power. Looking forward, expect Equinix to potentially seek additional partnerships in the rapidly expanding Asia-Pacific region to mirror its European and North American strategy. The focus will be on execution; the success of this bold, first-mover gamble now rests entirely on its chosen partners navigating the immense regulatory and financial hurdles to deliver operational reactors. Equinix has laid the foundation, and the next 18 months will determine if it can build the nuclear-powered future it has envisioned.

Frequently Asked Questions

Why is Equinix investing in nuclear energy?
Equinix is investing in nuclear energy, specifically Small Modular Reactors (SMRs), to address the escalating power demands of AI-driven data centers. The company recognizes that intermittent renewables alone cannot provide the 24/7 baseload power needed to support its exponential growth and meet its 2030 climate neutrality goals, and it aims to use guaranteed power availability as a competitive advantage.

How has Equinix’s nuclear strategy changed over time?
Equinix’s strategy has evolved from a singular, high-risk bet to a diversified portfolio. Initially (2021-2024), it focused on a single non-binding agreement with developer Oklo. Since 2025, it has expanded to a multi-partner, multi-technology approach, including agreements with Oklo, Radiant, ULC-Energy (for Rolls-Royce SMRs), and Stellaria to hedge against technological, regulatory, and timeline risks.

Who are Equinix’s main SMR and advanced nuclear partners?
Equinix has established a portfolio of four distinct nuclear partners. These include Oklo for fast reactors in the U.S., ULC-Energy for Rolls-Royce SMRs in the Netherlands, Stellaria for its reactor in France, and Radiant for its portable microreactors.

Where is Equinix planning to use this nuclear power?
Equinix’s strategy is global. It began with formal agreements for power in the United States (via Oklo) and Europe, specifically the Netherlands (via ULC-Energy) and France (via Stellaria). The article also suggests a future global framework where SMRs could power growth in emerging, high-demand zones, highlighted by recent large capital investments in the UK, Saudi Arabia, India, and Nigeria.

What are the primary risks to Equinix’s nuclear strategy?
The primary risk has shifted from a single point of failure to broader portfolio execution risk. The success of the strategy now depends on its chosen partners successfully navigating immense regulatory hurdles, supply chain challenges, and delivering operational reactors on time and on budget. The strategy is vulnerable to systemic SMR industry delays rather than just one company’s failure.